Nordstrom's Spurned $8.4 Billion Bid Sends Family Scrambling

Bloomberg

A rejected takeover bid that valued Nordstrom Inc. at about $8.4 billion is pitting the department-store chain’s board against its top executives.

After the company’s founding family put together an offer of about $50 a share in cash, Nordstrom’s independent directors spurned the deal on Monday, saying the price was too low. The board members, who formed a special committee to evaluate a possible transaction, warned the would-be buyers to quickly increase their offer or move on.. . . more